Global investors are also fretting over Rousseff’s next choice as Brazil’s financial minister. With Neves, investors would have been treated to Arminio Fraga in that role, an alumni of George Soros’ famous Quantum Fund and a former hedge fund manager in his own right. Four years ago, Fraga’s Gavea Investments was acquired by J.P. Morgan Chase (NYSE: JPM). [Risk/Reward With Brazil ETFs]

Of course, Neves lost and investors now must contend with the reality of another for four years of Rousseff, remembering that since she came to power in January 2011, EWZ has lost about 50% of its value. That might be why EWZ is down nearly 6% from last Friday’s intraday high.

Some investors used Rousseff’s reelection as an excuse to part ways with EWZ. Although the ETF has added $332.6 million in new assets since the start of the fourth quarter, since Oct. 27, the day after the election, more than $187 million has been pulled from EWZ.

iShares MSCI Brazil Capped ETF